DMP Mutual Support Thread (Part 4)

newlywed

Jvic28 wrote: »

Hi everyone,

I've got my 1st review with CCCS tomorrow. I've only been making payments to them since 1st August. Is it normal to have a review this soon. What can I expect. I'm a bit nervous because so far everything has been dealt with online, but this time I'm going to have to speak to someone.

I thought the review was normally 3 months (but I rang to put mine off a couple of times).

There isn't anything to worry about. They will ask you how you are doing on your budget, whether there was anything you pay for regularly that you have forgotten off it. Then they will just ask for all the figures again. I told them I didn't want to reduce my DMP payments so they helped me adjust all the figures to balance out the increases and keep my DMP the same.

It's fine. Honestly. They are really nice

Althea

Thanks for all your comments on the credit rating question. I must confess, I actually feel the same way about never wanting credit again in my life, but no doubt there will be occasions AD (After DMP ) that my credit file will be scanned ... how about taking out a new mobile contract, for example, they check your credit file don't they? I'm a bit of a mobile contract tart, I switch suppliers most years ... not for the phone, I like my phone, but to get a better deal in terms of free texts etc. Worries me a little that I might end up stuck on my current contract for ... erm ... 11 years? (5 years CCCS estimate to Get Out Of DMP Free then the 6 years until my credit file is once more Squeaky Clean).. Anyway, it's not THAT big a worry, more of an errant thought.

I have another question for you good folk if I may, DMP-virgin as I am : I just realised that in all the stuff I filled in on the CCCS online form, I completely forgot about an ISA I have. Now it's not for very much, I think outgoings are £30 a month and I don't remember that the end result is huge, but I do have it and I am not going to cash it in before the end of the allotted term (I think another couple of years yet). My question, well questions I guess, are:

- the ISA is with one of my creditors, namely M&S FS ... can they somehow force the early end of the ISA to put against my credit card debt with them?

- the ISA was set up, and is only going to be used, for contributing towards my daughter's education costs in just over 3 years' time when she hits school age. Are CCCS going to insist that at the point it matures, I have to instead use it towards my debt? I *think* it matures before I will actually be using it (yes, I know, very vague ... I need to dig out the paperwork and find out exactly when it does mature and how much it is - I know it isn't THAT much but it will be almost enough for what I will need at that time), and I had planned to then stick it in a savings account until I need to use it. I do NOT want it to be used for anything else, since if that happens I will have no money towards my daughter's education when it will be needed - and as a single parent I'm going to need every scrap I can get to help with that. I will be throwing every other spare penny I have when I have it towards my debt in an attempt to actually pay off the DMP in less than the 5 years CCCS estimates, but I cannot afford for this small amount of what-will-be-savings to be touched, else I'm thoroughly stuck when my daughter hits school age.

Hope this all makes sense ... anyone any ideas, please??

And can I please please have a Number, since I suspect I'm also going to be around for a while??

thanks ...

mleach26

Hey all first time posting in this thread so forgive if any mistakes are made.

I contacted national debtline who sent me out a debt management pack. I have filled in the personal budget sheet, and i am a bit worried as to how this is going to be managed. Specifically the amount of money left over toe the "creditors" is what i now may in my monthly repayments, i.e no extra cash, is this normal? have i filled it in incorrectly?

Any comments will be welcomed

Matt

ianmak

The amount of 'spare cash' will go to your creditors, so you need to make sure that every single expenditure is accounted for, plus a little extra I guess, so that you do have a little bit over for 'emergencies'...

I think that's what you were querying?

mleach26

ianmak wrote: »

The amount of 'spare cash' will go to your creditors, so you need to make sure that every single expenditure is accounted for, plus a little extra I guess, so that you do have a little bit over for 'emergencies'...

I think that's what you were querying?

Thanks ianmak, that was what i was wondering, so need to make sure that all expenditure per month is added in, i think this is where i am going wrong, thanks for the tip

ianmak

I found with my I&E that when I ran through it all with my DMP people, some figures were altered as they're not viewed as necessities. For example, £8 a month was put aside for haircuts, as they're viewed as a necessity (I cut my own hair!), whereas I don't think Sky TV is viewed as a necessity, so is not included in the costs.

If you're doing your own DMP then you may want to think about that?

rayday2

mleach26 wrote: »

Hey all first time posting in this thread so forgive if any mistakes are made.

I contacted national debtline who sent me out a debt management pack. I have filled in the personal budget sheet, and i am a bit worried as to how this is going to be managed. Specifically the amount of money left over toe the "creditors" is what i now may in my monthly repayments, i.e no extra cash, is this normal? have i filled it in incorrectly?

Any comments will be welcomed

Matt

If you followed the amounts to live on guidance for clothes, housekeeping etc then what is left should go to creditors. When I first did mine with National Debtline I put in school dinners, money for canteen allsorts that I don't normally pay out to give me bits to live on. The beauty of doing your own is that you can tweak it as we all live differently. I even put regular prescriptions down.

I read your post as if you fill it in you should have enough left over to pay them what they should get anyway, and obviously you aren't managign that or you wouldn't consider a DMP so re go over the figures until you are realistically able to manage you can always review and up payments later much better than lowering them.

rayday2

Althea wrote: »

Thanks for all your comments on the credit rating question. I must confess, I actually feel the same way about never wanting credit again in my life, but no doubt there will be occasions AD (After DMP ) that my credit file will be scanned ... how about taking out a new mobile contract, for example, they check your credit file don't they? I'm a bit of a mobile contract tart, I switch suppliers most years ... not for the phone, I like my phone, but to get a better deal in terms of free texts etc. Worries me a little that I might end up stuck on my current contract for ... erm ... 11 years? (5 years CCCS estimate to Get Out Of DMP Free then the 6 years until my credit file is once more Squeaky Clean).. Anyway, it's not THAT big a worry, more of an errant thought.

I have another question for you good folk if I may, DMP-virgin as I am : I just realised that in all the stuff I filled in on the CCCS online form, I completely forgot about an ISA I have. Now it's not for very much, I think outgoings are £30 a month and I don't remember that the end result is huge, but I do have it and I am not going to cash it in before the end of the allotted term (I think another couple of years yet). My question, well questions I guess, are:

- the ISA is with one of my creditors, namely M&S FS ... can they somehow force the early end of the ISA to put against my credit card debt with them?

- the ISA was set up, and is only going to be used, for contributing towards my daughter's education costs in just over 3 years' time when she hits school age. Are CCCS going to insist that at the point it matures, I have to instead use it towards my debt? I *think* it matures before I will actually be using it (yes, I know, very vague ... I need to dig out the paperwork and find out exactly when it does mature and how much it is - I know it isn't THAT much but it will be almost enough for what I will need at that time), and I had planned to then stick it in a savings account until I need to use it. I do NOT want it to be used for anything else, since if that happens I will have no money towards my daughter's education when it will be needed - and as a single parent I'm going to need every scrap I can get to help with that. I will be throwing every other spare penny I have when I have it towards my debt in an attempt to actually pay off the DMP in less than the 5 years CCCS estimates, but I cannot afford for this small amount of what-will-be-savings to be touched, else I'm thoroughly stuck when my daughter hits school age.

Hope this all makes sense ... anyone any ideas, please??

And can I please please have a Number, since I suspect I'm also going to be around for a while??

thanks ...

I would transfer that ISA I know if its savings M&S can dip into it so to be totally sure find a neutral bank and move it. I am pretty sure you can transfer ISA as A&L offered me the facility. So to be 110% safe look into moving it.

I will get onto that number too for you!

mleach26

I have been told i need to setup a basic bank account first and my OH wants it to be a joint one, i am also in the process of trying to get a new job, got an interview on friday, which maybe will be more money. I take your point about Sky TV not being necessary , did not realise this would not be included though.

rayday2

I put my Sky down as TV rental but we only have the £19 package.